The Securities and Exchange Commission is investigating Spectrum Pharmaceuticals (SPPI) over the steep drop in Fusilev sales disclosed in March.
Spectrum tucked the disclosure of an SEC subpoena in its most recent 10-Q filed last Thursday. The company made no mention of the investigation in the press release announcing first-quarter financial results or on a subsequent conference call.
On April 1, 2013, the Company received a subpoena from the SEC for documents pursuant to a formal order of investigation. The subpoena followed the Company's March 12, 2013 announcement that it anticipated a change in ordering patterns of FUSILEV. The Company is cooperating with the SEC investigation. The Company cannot predict when the SEC will conclude its investigation or the outcome of the investigation.
To those asking me to do more due diligence, thank you. I'll take your advise and do as you recommended. And since only one of you was kind enough to share your DD regarding the lawsuit, I'll now start helping the rest of you out by sharing what I learn. Rather than be mad at all of you who chose to ignore my initial questions, and rather than be mad for being name called repeatedly and accused of all kinds of trickery, I'll turn the other cheek and do new DD and updated DD to everyone on this message board about the status of the Class Action Lawsuits. I'll track down the lawyers and share what they allow to be shared. Stay tuned.
Thank you to the ONE person who was kind enough to share limited information about the Class Action and mention of an SEC investigation. The above summation article is somewhat outdated, but enlightening. I'll contact the SEC to obtain a status update and share what they allow to be shared. Stay tuned for that too.
Regardless of all this new DD sharing, I'll cheer for all the 5-6 bagger boasters to have continued success here for as long as I remain a fellow shareholder.